Pantomath's Bharat Value Fund invests Rs 235 crore in Haldiram Bhujiawala

Haldiram Bhujiawala, which retails its products under the brand 'Prabhuji,' has been a prominent player in the snacks and savoury industry for six decades

Kolkata-based Haldiram Bhujiawala has announced the closure of its private placement round, with Pantomath’s Bharat Value Fund (BVF) investing Rs 235 crore in the company for a minority stake (less than seven per cent).

 

Haldiram Bhujiawala retails its products under the brand “Prabhuji”. It has been in the market for six decades in the snacks and savoury industry.

 

Pantomath’s Bharat Value Fund said in its statement that the snacks market, one of the fastest-growing sectors in India, was estimated to be worth Rs 42,600 crore in the financial year 2024 (FY24), which is expected to reach Rs 95,500 crore by FY32, registering a CAGR of 11 per cent.

 

 

“Organised players in this market, who enjoy a substantial market share, are expected to be the key contributors to this growth. Their persistent focus on product diversification, coupled with a strong commitment to quality, convenience, and safety standards, will position them for further expansion,” the release said.

 

The company has a distribution network of approximately 2,000 distributors servicing more than 200,000 retailers across the country. It also operates 19 retail outlets and 60 franchise stores establishing its direct consumer reach.

 

Currently, its markets include West Bengal, Bihar, Jharkhand, and the North-Eastern regions. Haldiram Bhujiawala will use the funds to expand its manufacturing and markets outside of eastern and north-eastern Indian markets. It operates three manufacturing units with a combined capacity of 6,035 metric tonnes per annum.

 

“Leveraging our industry insights alongside BVF’s support, we are strategically positioned to enhance shareholder value and drive growth. This partnership lays a solid foundation for generating long-term economic benefits, ensuring a prosperous future for all stakeholders,” Manish Agarwal, managing director, Haldiram Bhujiawala said in the release.

 

“…The new generation’s sharp focus on the modern brand, ‘Prabhuji,’ is particularly noteworthy. We are highly optimistic about the food, FMCG, and consumer goods sectors, and Haldiram is well-positioned to achieve substantial growth in the years ahead,” Madhu Lunawat, CIO of Bharat Value Fund said in the release.

 

Lunawat told Business Standard that this was the last piece left since the Haldirams Nagpur and Delhi are looking to sell some stake and also Bikaji is listed on bourses which is trading at more than 10 times sales.

 

Also,  Haldiram Bhujiawala has crossed Rs 700 crore in revenues, has zero debt, and assets on their books.

 

“We are also helping the company enter the international market and also expand within the country as well,” she added.